Bitcoin heads south below $7,500

18:05 05.02.2018

On Monday, bitcoin went down by more than 10% right after China informed that it would totally forbid cryptocurrency trading as well as initial coin offering platforms.

The Asian country has already attempted to have all the domestic crypto exchanges shut down. However, Sunday’s report in the Financial News told that those efforts hadn’t appeared to be absolutely successful.

In order to avert financial risks, the Chinese authorities are going to step up measures just to terminate any offshore or onshore platforms dealing with ICOS and virtual currency trading. That’s what the Financial News uncovered.

On Monday, bitcoin declined 10.3% hitting $7,342.50, as CoinDesk reported. On Saturday, the digital currency had found its way back over $9,000, although slumped on Sunday once again. As for ethereum, this crypto asset dived 13% being worth $729.96. Besides this, bitcoin cash dived 16%, while litecoin went down 13%.

In value bitcoin has lost approximately $10,000 for the last month amidst an onslaught of worries over security, tighter regulation and fraud.

The previous week the digital asset had slumped below $8,000. A market expert mainly known for foreseeing the 2008 financial downtime as well as doom-saying, Nouriel Roubini labeled bitcoin as the buble generator.

On Monday, Lloyds Banking Group told that it would have the buying of crypto assets via credit cards forbidden. The given announcement came after similar ones the previous week from such reputable financial institutions as Citigroup, JPMorgan Chase and Bank of America.

On Thursday, the major US currency rebounded from its unexpected dive following dismal economic data that sparked fears about the strength of the American economy and also backed the Fed’s intention to leave rates on hold in the nearer future…

On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…